The Kiwi Dollar Versus The Canadian Dollar
The figure we have to start with is one of 0.7115. This was the exchange rate between the New Zealand dollar and the Canadian dollar on the last day of May. The Kiwi dollar didn’t get off to the best start because it slipped down to 0.7070 the following day. The week ended on a fairly positive note though, because the Kiwi dollar managed to get back up to the rate of 0.7100 instead. At least it hadn’t lost too much ground since the start of the month – and it was still very early days.
The following week caused some concern however as the first couple of days were not that good for the Kiwi dollar against the Canadian dollar. After a couple of losses the Kiwi found itself on 0.6971, so we were looking for an improvement on that to end the week with. We got what we wanted though, because the Kiwi dollar finished up on 0.7094.
Things looked a little more promising on the first day of the subsequent week, as the New Zealand dollar managed to add on just over half a cent against the Canadian dollar on that day. This left it on 0.7154 overnight before dropping back slightly to 0.7147 one day later.
We were at the halfway point of the month now, and even though the Canadian dollar was pushing hard to try and keep things difficult for the Kiwi, it didn’t manage it for the whole week. Instead the Kiwi dollar finished up on 0.7233 at the end of the week, giving it hope that it would turn the month into a memorable one for the right reasons.
It certainly seemed to do the trick, because the Kiwi dollar would not go below 0.72 for the rest of the month. Indeed it managed to go higher than that and the final whole week of the month finished with the New Zealand dollar bagging a rate of 0.7346.
So could this be the good ending the New Zealand dollar wanted? It certainly looked as if the impetus and momentum was with the New Zealand dollar instead of the Canadian dollar. A good result here would make up for the lacklustre start and this would certainly be good news – although not for the Canadian dollar of course.
Unfortunately there was a slight drop in the exchange rate over those last few days, and the New Zealand dollar could not quite sustain the improvements it had made prior to this. It meant the currency finished up on 0.7257, although this was still around a cent and a half up on where it had begun. This at least was good news, although we could have seen a better result than that.